Gala Coral has sold its Gala Bingo retail division to investment trust Caledonia Investments, which will retain the Gala brand via a licensing agreement.

The deal sees Caledonia acquire 130 Gala Bingo clubs for a total consideration of £241m, with the acquisition subject to approval from the UK Gambling Commission.

The sale is the latest step towards Gala Coral's planned merger with Ladbrokes, which was agreed in July and excluded Gala’s retail offering.

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